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October 2023

05 October 2023

Budget Publication

According to MDE, the deadline to publish your Budget Publication report is November 30th or within one week of the acceptance of the final audit report by the board, whichever is earlier. There are four reports in Smart Finance to help districts complete this Budget Publication. These reports automatically separate restricted from unrestricted fund balances, revenues, and expenditures. They are located under Custom Reports > Finance Reports > Budget Publication….To get a ...

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September 2023

06 September 2023

New FY24 UFARS Codes

Region 1 recently added new FY24 UFARS codes (listed below) to SMART Finance. (Also, note the deletions.) The codes are now available to use in expenditure and revenue accounts. FY24 Chapter X of the UFARS manual is not available on MDE’s web site yet. If you need help setting up accounts, we have an Excel version of Chapter X available that has been loaded into SMART Finance. Contact someone in the finance department if you would like help setting up accounts. Fi...

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06 September 2023

Operating Capital Deficit

If you have a deficit in Operating Capital (fund balance B01-424-000), chargebacks using object 545 are no longer allowed. Instead, post a journal entry to debit B01-422-000 and credit B01-424-000 for the amount of the deficit.

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06 September 2023

Reminder from MDE

Career and Tech Levy Revenue Reporting – Due Wednesday, September 20, 2023Read the July 19 memorandum regarding Career and Technical Education (CTE) Levy Reporting from Assistant Commissioner Angela Mansfield and Director of the Career and College Success Division Sally Reynolds. The CTE Levy reporting system opened July 19 for entering the actual FY23 (2022-23 school year) expenditures. All actual expenditures must be entered for approved CTE programs by Wednesday, September 20.Minne...

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August 2023

01 August 2023

New UFARS Codes for FY24

With recent legislation, there will be many new UFARS codes and fund balances. School Business Bulletin No. 72 outlines these changes. Go to this link to view SBB N0. 72 as well as previous SBBs: Financial Management (mn.gov) (we recommend saving this link as a favorite). We will be adding these new codes to SMART Finance as MDE releases them. After these new codes are assigned by MDE, hopefully we will get a new FY24 Revenue Projection Model.

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01 August 2023

School Unemployment Aid for FY23 and FY24

There is a new funding source for ‘between period’ unemployment benefits. To take advantage of this new aid, you must use new object code 281 to record expenditures. Since this aid took effect as of May 28, 2023, FY23 expenses incurred after this date are eligible for the new aid.

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01 August 2023

FY23 Yearend Session Recordings

If you want to view the Finance Yearend Sessions, they are available on our website. You must be a registered user and log in to our web site for viewing. Go to our web site http://www.region1.k12.mn.us/main > Products and Services > SMART Systems and click on SMART Finance. Under the Webinars heading, you will see UFARS EOY Meeting 2023.

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01 August 2023

Fixed Assets for FY23

If you are entering fixed assets for FY23, don’t forget to change the FA Fiscal Yr to 2023 by clicking on the drop down arrow in the Finance Defaults window.

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July 2023

10 July 2023

FY23 New Object for Unemployment

Recent legislation allows districts to be reimbursed for ‘between term’ unemployment. New UFARS object code 281 has been added to Chapter X. You will want to code ‘between term’ unemployment to this new object with a Finance dimension of 000. Do not code the new unemployment to special ed (finance 740) or any other restricted area. You may use a generic program number like 790. For now, code all ‘between term’ unemployment to fund 0...

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10 July 2023

Accounting Calendar...Did You Know?

There are two extra Periods built into the Accounting Calendar. Once period 202312 is open, the next period number for FY23 is 202313. This period can be used for fiscal yearend journal entries, including auditor’s adjustments. The last period for FY23 is 202314. This period is for Region 1 use only. We use this period to do closing entries. Closing entries zero the expense and revenues, and move the dollars to the fund balances. Note that for peri...

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SMART Finance News You Can Use